PM Browne Seeking Bilateral Talks with Trinidad’s Prime Minister Over Outstanding CLICO/BAICO Funds
Prime Minister Gaston Browne has announced plans to initiate high-level talks with Trinidad and Tobago’s Prime Minister Kamla Persad-Bissessar in a renewed effort to secure a US$60 million commitment related to the fallout from the CLICO/BAICO collapse.
Speaking on his Browne and Browne radio programme over the weekend, Browne said he is hoping to convene a bilateral meeting with Persad-Bissessar, with the aim of finalising discussions around Trinidad’s financial support to the Eastern Caribbean Currency Union (ECCU) following the regional insurance debacle.
“I’m trying to arrange a bilateral meeting with her,” Browne said. “I also want to invite my dear friend Prime Minister Ralph Gonsalves, who was the initial chairman of the Prime Ministerial Subcommittee on Insurance for the ECCB.”
Browne stated that the discussions would likely take place in August, following the conclusion of Antigua and Barbuda’s Carnival celebrations.
The US$60 million was initially pledged by Trinidad and Tobago to assist policyholders and governments across the ECCU who were affected by the collapse of Colonial Life Insurance Company (CLICO) and British American Insurance Company (BAICO) over a decade ago.
While some payments have been made, the remaining funds have yet to be delivered. Browne said his goal is to secure a renewed commitment to honour the outstanding amount.
“That’s US dollars,” he confirmed, underscoring the significance of the contribution for regional financial stability and for compensating victims of the insurance failure.
The collapse of CLICO and BAICO left thousands across the Eastern Caribbean without access to their life savings and investments, sparking a regional response coordinated by the ECCB and CARICOM heads of government.
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Why did of CLICO and BAICO collapse? What measures are in place so we don’t have a repeat cycle of financial institution failure.
Did it have anything to do with The Government of Trinidad and Tobago actions or inactions?
Will former PM Rowley inexplicable detainment at VCBird International AirPort make this proposed high level bilateral meeting meaningless?
What regulations did the Governments across the ECCU have in place to protect the life savings and investments of its citizens?
What was the most recent ruling of the Courts in this issue?